Question: Summary operating data for Lock-World Company during the current year ended November 30, 2012, are as follows: cost of merchandise sold, $4,300,000; administrative expenses, $500,000;

Summary operating data for Lock-World Company during the current year ended November 30, 2012, are as follows: cost of merchandise sold, $4,300,000; administrative expenses, $500,000; interest expense, $20,000; rent revenue, $100,000; net sales, $7,200,000; and selling expenses, $750,000. Prepare a single-step income statement.

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